Zelenskyy announces advancements in negotiations with the US regarding rare minerals agreement

KYIV, Ukraine — President Volodymyr Zelenskyy announced on Sunday that a controversial proposal from the Trump administration, which sought to extract $500 billion from Ukraine’s rare earth mineral profits as repayment for military aid, has been abandoned. This development signals the potential for a more balanced agreement as discussions progress over the war-torn country’s valuable resources.

Previously, Zelenskyy had rejected a U.S. draft proposal focused on exploiting minerals such as lithium, crucial for the aerospace, defense, and nuclear sectors, due to its lack of security guarantees and the substantial price tag attached. “The question of $500 billion is no longer there,” he stated during a news conference at a forum in Kyiv commemorating the third anniversary of Russia’s large-scale invasion of Ukraine.

The Ukrainian president emphasized that framing aid as a debt to be repaid would create a complex and problematic situation, potentially obligating Ukraine to compensate all its supporters. “We do not recognize the debt,” Zelenskyy declared. “It will not be in the final format of the agreement.” Further details on ongoing negotiations remain scarce, as Ukraine continues to seek essential security guarantees to deter any future Russian aggression.

Steve Witkoff, the former Trump administration’s special envoy to the Middle East, indicated on CNN’s “State of the Union” that a deal is expected soon, enhancing U.S. involvement in the extraction of Ukraine’s mineral resources. Treasury Secretary Scott Bessent described the administration’s plan as a strategy to foster a partnership with Ukraine, labeling it a “win-win” situation. “We make money if the Ukrainian people make money,” he stated during a Fox News interview.

Andrii Yermak, Zelenskyy’s chief of staff, departed the Kyiv forum early alongside Economic Minister Yuliia Svyrydenko to engage in discussions with U.S. officials about the potential deal. He later shared on social media that his conversations with U.S. representatives, including Bessent and national security adviser Mike Walz, had been productive, stating, “We are making progress. The USA is our partner, and we are grateful to the American people.”

Responding to a query about whether he would resign for peace in Ukraine, Zelenskyy expressed a willingness to step down if it meant a sustainable resolution under NATO’s security framework. “If to achieve peace, you really need me to give up my post, I’m ready,” he noted, indicating that he could consider sacrificing his role for NATO membership. This comment was made in light of recent suggestions from some leaders, including Donald Trump and Vladimir Putin, regarding elections in Ukraine, which are currently prohibited under martial law.

Zelenskyy has expressed concern regarding Trump’s recent shift toward a more conciliatory stance with Russia, fearing such moves could lead to territorial losses for Ukraine and future vulnerability. Trump’s remarks, which suggested Kyiv started the conflict and framed Zelenskyy as a “dictator” for not holding elections, have sparked worry within Ukraine and among European allies.

Russian Deputy Foreign Minister Sergei Ryabkov confirmed that discussions between Moscow and Washington would resume at the end of the following week, involving representatives from both countries’ foreign ministries and highlighting ongoing diplomatic contacts.

As European leaders prepare for talks with both Zelenskyy and Trump, European Union Commission President Ursula von der Leyen and other top officials plan to visit Kyiv to address the ramifications of the evolving U.S. policy and ensure continued support for Ukraine amidst potential shifts in American aid. The U.K. is set to announce new sanctions against Russia, marking a significant package aimed at weakening Russia’s military capabilities and reducing its war revenues in Ukraine.

Earlier that day, Zelenskyy reported that Russian forces launched a staggering 267 drones against Ukraine overnight, the highest number in a single attack throughout the conflict. Ukraine’s air force managed to intercept 138 drones across 13 regions, with additional casualties reported, including one death in Kryvyi Rih. In a reaction to these assaults, Foreign Minister Andrii Sybiha proclaimed on social media that “No one should trust Putin’s words. Look at his actions instead.”

New Zealand has also declared new sanctions targeting an additional 52 individuals and entities linked to Russia’s military and energy sectors, as well as North Korea’s support for the war against Ukraine. New Zealand’s Foreign Minister stated that the country has imposed sanctions on over 1,800 individuals and entities since March 2022, alongside a commitment to provide additional funding for Ukraine through the World Bank.